The FHSA + RRSP Super-Stack: How First-Time Buyers Can Access $100K+ Tax-Free

Heading into spring 2026, the tools available to first-time buyers are more powerful than most people realize. You don’t have to rely on a plain savings account anymore. By stacking two federal programs together, a single buyer can access over $100,000 tax-free for a down payment — and a couple can access more than $200,000.

	Individual	Couple
FHSA	$40,000	$80,000
RRSP (Home Buyers’ Plan)	$60,000	$120,000
Combined power	$100,000+	$200,000+

The FHSA is a true hybrid

Despite what a lot of people assume, the First Home Savings Account isn’t just “another TFSA.” It gives you the upfront tax deduction of an RRSP and the tax-free withdrawals of a TFSA — it’s essentially the government handing you free money to help you buy sooner.

Feature	FHSA	RRSP (Home Buyers’ Plan)
Tax deduction?	Yes — lowers taxable income	Yes — lowers taxable income
Withdrawal tax?	Zero, on growth and principal	Zero, up to $60,000
Repayment required?	No — it’s yours to keep	Yes — repaid over 15 years
90-day holding rule?	No	Yes — funds must sit for 90 days first

Your stacking order of operations

1. Max out the FHSA first. Since there’s no repayment requirement, this is your highest-value account. A lot of buyers who opened accounts back in 2023 are hitting their full $40,000 lifetime limit right about now.
2. Fill the RRSP for the HBP next. Once the FHSA is capped, the RRSP is your second, much larger pool — up to $60,000 through the Home Buyers’ Plan.
3. Use the tax refund as a booster. Both accounts are tax-deductible, so maxing them out can generate a refund in the $5,000-$8,000 range. Put that straight back into your down payment fund for an instant top-up.

A note on the repayment grace period: if you made your RRSP withdrawal between 2022 and 2025, you still get the 5-year grace period before repayments start. For withdrawals made new in 2026, the grace period is back to the standard 2 years. Either way, you’ve still got 15 years to repay, so there’s a lot of flexibility built in.

If you’re sitting on savings across a few different accounts and aren’t sure how to sequence the withdrawals, reach out and we’ll map out your stack together.